SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December
25, 1996
Structured Asset Securities Corporation, Series 1995-2
(Exact name of registrant as specified in its charter)
Delaware 33-48771 74-2440850
(State or other jurisdiction (Commission
(IRS Employer
of incorporation or File Number)
Identification
organization) Number)
200 Vesey Street
New York, New York 10285-
0800
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number including area code (212) 526-
5594
Structured Asset Securities, Series 1995-2
Form 8-K
INDEX
Page Number
Item 5. Other Events
3
Item 7. Financial Statements and Exhibits
3
SIGNATURES 4
INDEX OF EXHIBITS 5
ITEM 5. OTHER EVENTS
The Structured Asset Securities Corporation, Series 1995-2
makes monthly remittances to security holders. The latest
remittance was made December 25, 1996. We have furnished a
monthly remittance statement delivered to the trustee with
security holder payment instructions.
Monthly Remittance
Statement...................................................
......Exhibit 21.1
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits
21.1 Monthly Remittance Statement dated as of December
25, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
Structured Asset Securities Corporation,
Series 1995-2
(Registrant)
By: Lehman Brothers
Name: Michael J. O'Hanlon
Title: Managing Director
INDEX OF EXHIBITS
Page of Sequentially
Numbered Pages
21.1 Monthly Remittance Statement dated 6-14
as of December 25, 1996.
Exhibit 21.1 Page 6
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Series Structure Summary
Aggregate Realized Aggregate
Ending
Class
Original Principal Losses Principal
Aggregate Interest Undistributed Principal
Class Description Principal Type Interest Type
Balance Pass Through Rate Balance Reduction
Shortfall Principal Factor
____________________________________________________________
____________________________________________________________
_______________________________________________
I-A Senior Shift Interest WANR
149,022,521.00 6.86711401% 0.00
0.00 0.00 0.9013978883
I-B1 Subordinate Prorata WANR
12,606,143.00 6.86711401% 0.00
0.00 0.00 0.9965983362
I-B2 Subordinate Prorata WANR
8,554,169.00 6.86711401% 0.00
0.00 0.00 0.9965983382
I-B3 Subordinate Prorata WANR
4,051,975.00 6.86711401% 0.00
0.00 0.00 0.9965983378
I-B4 Subordinate Prorata WANR
1,890,921.00 6.86711401% 0.00
0.00 0.00 0.9965983296
I-B5 Subordinate Prorata WANR
3,961,930.12 6.86711401% 1,319,818.08
0.00 0.00 0.6638477763
II-A Senior Shift Interest Reduced PT
74,075,139.00 7.47678513% 0.00
0.01 0.00 0.6690849709
II-AX Senior Interest Only Notional IO
0.00 0.08000000% 0.00 0.00
0.00 0.0000000000
II-B1 Subordinate Prorata Reduced PT
812,312.00 7.65678513% 0.00
0.00 0.00 0.9845638129
II-B2 Subordinate Prorata Reduced PT
850,994.00 7.65678513% 0.00
0.00 0.00 0.9845638277
II-B3 Subordinate Prorata Reduced PT
386,815.00 7.65678513% 0.00
0.00 0.00 0.9845638613
II-B4 Subordinate Prorata Reduced PT
1,237,809.35 7.65678513% 229,599.78
0.00 0.00 0.7995875698
R Residual Priority Pay WANR
100.00 0.00000000% 0.00
0.00 0.00 0.0000000000
R-1 Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
R-2 Residual Residual Residual
0.00 0.00000000% 0.00 0.00
0.00 0.0000000000
____________________________________________________________
____________________________________________________________
_______________________________________________
Totals
257,450,828.47 1,549,417.86
0.01 0.00 0.8410945566
Exhibit 21.1 Page 7
Structured Asset
Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: November 1996 Phone:
(410) 715-7491
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Distribution Summary
Beginning
Principal Ending
Pass Through
Principal Total Interest Total Principal
Balance Principal Total
Class Record Date Rate
Balance Distribution Distribution
Reduction Balance Distribution
____________________________________________________________
____________________________________________________________
____________________________________
I-A 11/29/1996 6.86711401%
135,224,226.79 752,605.27 916,869.27
0.00 134,328,585.74 1,669,474.54
I-B1 11/29/1996 6.86711401%
12,570,178.61 69,960.71 8,890.80
0.00 12,563,261.14 78,851.51
I-B2 11/29/1996 6.86711401%
8,529,764.60 47,473.34 6,033.04
0.00 8,525,070.61 53,506.38
I-B3 11/29/1996 6.86711401%
4,040,415.02 22,487.37 2,857.76
0.00 4,038,191.55 25,345.13
I-B4 11/29/1996 6.86711401%
1,885,526.33 10,494.10 1,333.62
0.00 1,884,488.71 11,827.72
I-B5 11/29/1996 6.86711401%
2,940,814.71 16,367.43 2,080.02
309,077.85 2,630,118.50 18,447.45
II-A 11/29/1996 7.47678513%
50,806,641.85 316,558.62 1,244,079.63
0.00 49,562,562.22 1,560,638.25
II-AX 11/29/1996 0.08000000%
0.00 3,562.56 0.00
0.00 0.00 3,562.56
II-B1 11/29/1996 7.65678513%
801,414.35 10,219.41 1,641.35
0.00 799,773.00 11,860.76
II-B2 11/29/1996 7.65678513%
839,577.42 10,706.05 1,719.51
0.00 837,857.91 12,425.56
II-B3 11/29/1996 7.65678513%
381,625.66 4,866.38 781.59
0.00 380,844.07 5,647.97
II-B4 11/29/1996 7.65678513%
609,080.88 11,666.70 1,866.64
(382,522.73) 989,736.97 13,533.34
R 11/29/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
R-1 11/29/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
R-2 11/29/1996 0.00000000%
0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________
Totals
218,629,266.22 1,276,967.94 2,188,153.23
(73,444.88) 216,540,490.42 3,465,121.17
Exhibit 21.1 Page 8
Structured Asset
Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services Reporting
Month: November 1996 Phone:
(410) 715-7491
11000 Broken Land Parkway Distribution
Date: December 26, 1996 InvestorDirect:
(800) 605-4167
Columbia, MD 21044-7800
Class Distribution
Per 1,000 of Original Balance
Total Other
Total
Interest Scheduled Principal Total Principal
Principal Ending
Distribution Principal Distribution Distribution
Balance Principal
Class Cusip Original Balance
Factor Factor Factor Factor
Reduction Factor
____________________________________________________________
____________________________________________________________
_____________________________
I-A 863572FZ1 149,022,521.00
5.05027874 0.64180306 5.51075203 6.15255509
(0.14244974) 0.9013978883
I-B1 863572GB3 12,606,143.00
5.54973159 0.70527520 0.00000000 0.70527520
(0.15653717) 0.9965983362
I-B2 863572GC1 8,554,169.00
5.54973136 0.70527482 0.00000000 0.70527482
(0.15653771) 0.9965983382
I-B3 863572GD9 4,051,975.00
5.54973069 0.70527582 0.00000000 0.70527582
(0.15653848) 0.9965983378
I-B4 863572GH0 1,890,921.00
5.54972947 0.70527537 0.00000000 0.70527537
(0.15653748) 0.9965983296
I-B5 863572GJ6 3,961,930.12
4.13117584 0.52500169 0.00000000 0.52500169
77.89541477 0.6638477763
II-A 863572GE7 74,075,139.00
4.27347993 0.71090977 16.08392378 16.79483355
0.00000000 0.6690849709
II-AX 863572GG2 0.00
N/A N/A N/A N/A
N/A N/A
II-B1 863572GK3 812,312.00
12.58064635 2.02059061 0.00000000 2.02059061
0.00000000 0.9845638129
II-B2 863572GL1 850,994.00
12.58064099 2.02059004 0.00000000 2.02059004
0.00000000 0.9845638277
II-B3 863572GM9 386,815.00
12.58063932 2.02057831 0.00000000 2.02057831
0.00000000 0.9845638613
II-B4 863572GN7 1,237,809.35
9.42528023 1.50801899 0.00000000 1.50801899
(309.03202500) 0.7995875698
R 863572GA5 100.00
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.0000000000
R-1 N/A 0.00
N/A N/A N/A N/A
N/A N/A
R-2 N/A 0.00
N/A N/A N/A N/A
N/A N/A
Totals 257,450,828.47
0.8410945566
Exhibit 21.1 Page 9
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Principal Distribution
Beginning
Principal Ending Current
Principal Scheduled
Unscheduled Other Total
Principal Balance Principal Undistributed
Class Balance Principal
Principal Accretion Principal Distribution
Reduction* Balance Principal
____________________________________________________________
____________________________________________________________
____________________________________________
I-A 135,224,226.79 95,643.11
821,226.16 0.00 0.00
916,869.27 (21,228.22) 134,328,585.74
0.00
I-B1 12,570,178.61 8,890.80
0.00 0.00 0.00 8,890.80
(1,973.33) 12,563,261.14 0.00
I-B2 8,529,764.60 6,033.04
0.00 0.00 0.00 6,033.04
(1,339.05) 8,525,070.61 0.00
I-B3 4,040,415.02 2,857.76
0.00 0.00 0.00 2,857.76
(634.29) 4,038,191.55 0.00
I-B4 1,885,526.33 1,333.62
0.00 0.00 0.00 1,333.62
(296.00) 1,884,488.71 0.00
I-B5 2,940,814.71 2,080.02
0.00 0.00 0.00 2,080.02
308,616.19 2,630,118.50 0.00
II-A 50,806,641.85 52,660.74
1,191,418.89 0.00 0.00
1,244,079.63 0.00 49,562,562.22
0.00
II-AX 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
II-B1 801,414.35 1,641.35
0.00 0.00 0.00 1,641.35
0.00 799,773.00 0.00
II-B2 839,577.42 1,719.51
0.00 0.00 0.00 1,719.51
0.00 837,857.91 0.00
II-B3 381,625.66 781.59
0.00 0.00 0.00 781.59
0.00 380,844.07 0.00
II-B4 609,080.88 1,866.64
0.00 0.00 0.00 1,866.64
(382,522.73) 989,736.97 0.00
R 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
R-1 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
R-2 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
____________________________________________
Totals 218,629,266.22 175,508.18
2,012,645.05 0.00 0.00
2,188,153.23 (99,377.43) 216,540,490.42
0.00
Exhibit 21.1 Page 10
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Class Interest Distribution
Beginning
Negative Ending
Principal/
Interest Amortization
Principal/
Notional
Interest Shortfall/ Other
Interest Total Interest Notional
Class Pass-Through Rate Balance
Accrual (Recovery) Accretion Interest
Reduction Distribution Balance
____________________________________________________________
____________________________________________________________
_____________________________________________
I-A 6.86711401% 135,224,226.79
773,833.49 0.00 0.00
0.00 21,228.22 752,605.27 134,328,585.74
I-B1 6.86711401% 12,570,178.61
71,934.04 0.00 0.00 0.00
1,973.33 69,960.71 12,563,261.14
I-B2 6.86711401% 8,529,764.60
48,812.39 0.00 0.00 0.00
1,339.05 47,473.34 8,525,070.61
I-B3 6.86711401% 4,040,415.02
23,121.66 0.00 0.00 0.00
634.29 22,487.37 4,038,191.55
I-B4 6.86711401% 1,885,526.33
10,790.10 0.00 0.00 0.00
296.00 10,494.10 1,884,488.71
I-B5 6.86711401% 2,940,814.71
16,829.09 0.00 0.00 0.00
461.66 16,367.43 2,630,118.50
II-A 7.47678513% 50,806,641.85
316,558.62 0.00 0.00
0.00 0.00 316,558.62 49,562,562.22
II-AX 0.08000000% 53,438,340.17
3,562.56 0.00 0.00 0.00
0.00 3,562.56 52,570,774.17
II-B1 7.65678513% 801,414.35
5,113.55 (5,105.86) 0.00 0.00
0.00 10,219.41 799,773.00
II-B2 7.65678513% 839,577.42
5,357.05 (5,349.00) 0.00 0.00
0.00 10,706.05 837,857.91
II-B3 7.65678513% 381,625.66
2,435.02 (2,431.36) 0.00 0.00
0.00 4,866.38 380,844.07
II-B4 7.65678513% 609,080.88
3,886.33 (7,780.37) 0.00 0.00
0.00 11,666.70 989,736.97
R 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
R-1 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
R-2 0.00000000% 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00
____________________________________________________________
____________________________________________________________
_____________________________________________
Totals
1,282,233.90 (20,666.59) 0.00
0.00 25,932.55 1,276,967.94
Exhibit 21.1 Page 11
Structured Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Fund Account Summary
____________________________________________________________
____________________________________________________________
______________________________________________________
Proceeds Account
Beginning Balance
0.00
DEPOSITS:
WITHDRAWALS:
Interest Net of Servicing Fee 1,292,714.21
Interest Payments 1,276,967.94
Scheduled Principal 172,226.84
Scheduled Principal Payment 175,508.18
Other Principal 1,942,481.51
Other Principal Payments 2,012,645.05
Negative Amortization (25,932.55)
Reserve Fund 1 0.00
Deposits from Reserve Fund 0.00
Fees and Expenses 26,912.12
Gain/Loss Adjustment 110,543.28
Other Withdrawals 0.00
Other Deposits 0.00
Total Deposit
3,492,033.29 Total Withdrawals
3,492,033.29
Ending Balance
0.00
Exhibit 21.1 Page 12
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Loss/Delinquency Detail
Current Current Current
Current Total Aggregate Aggregate
Aggregate Aggregate Total
Fraud Bankruptcy Special Hazard
Credit Current Fraud Bankruptcy
Special Hazard Credit Aggregate
Pool # Losses Losses Losses
Losses Losses Losses Losses
Losses Losses Losses
____________________________________________________________
____________________________________________________________
_________________________________________________
1 0.00 0.00 0.00
309,077.85 309,077.85 0.00 0.00
0.00 1,319,818.08 1,319,818.08
2 0.00 0.00 0.00
(419,621.13) (419,621.13) 0.00 0.00
0.00 229,599.77 229,599.77
____________________________________________________________
____________________________________________________________
_________________________________________________
Totals 0.00 0.00 0.00
(110,543.28) (110,543.28) 0.00 0.00
0.00 1,549,417.85 1,549,417.85
____________________________________________________________
____________________________________________________________
________________________________________
30 Days Delinquent 60 Days Delinquent
90 Days Delinquent Foreclosures
REO's Totals
Number Balance Number Balance
Number Balance Number Balance Number
Balance Number Balance
1 45 8,557,678.96 12 2,661,592.07
13 3,664,033.76 18 4,595,753.23 10
2,244,168.54 98 21,723,226.56
2 15 1,949,482.13 2 403,398.69
5 1,090,893.40 1 42,670.35 2
83,399.77 25 3,569,844.34
____________________________________________________________
____________________________________________________________
________________________________________
Totals 60 10,507,161.09 14 3,064,990.76
18 4,754,927.16 19 4,638,423.58 12
2,327,568.31 123 25,293,070.90
Exhibit 21.1 Page 13
Structured Asset
Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services Reporting
Month: November 1996 Phone:
(410) 715-7491
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Collateral Summary
Total| Pool 1 Pool 2
Monthly P&I Constant
1,524,273.35| 1,088,537.12 435,736.23
|
Positive Amortization
172,226.84| 116,838.34 55,388.50
Negative Amortization
(25,932.55)| (25,932.55) 0.00
Regular Curtailments
17,876.13| 11,897.19 5,978.94
Regular Curtailment Interest
115.25| 71.90 43.35
Prepaid Curtailments
3,090.56| 82.76 3,007.80
Prepaid Curtailment Interest
(7.02)| 0.00 (7.02)
Liquidations
1,921,560.59| 1,118,394.60 803,165.99
Principal Adjustments
(154.00)| (142.44) (11.56)
Total Principal Trust Distribution
2,088,775.80| 1,221,209.80 867,566.00
|
Scheduled Interest
1,377,979.06| 997,631.33 380,347.73
Servicing Fee
68,321.78| 51,622.31 16,699.47
Master Servicing Fee
2,859.34| 688.25 2,171.09
Spread
16,943.04| 0.00 16,943.04
Total Pass-Through Interest
1,289,854.90| 945,320.77 344,534.13
|
Beginning Balance
218,629,266.22| 165,190,926.05 53,438,340.17
Ending Balance
216,540,490.42| 163,969,716.25 52,570,774.17
Gross P&I Distribution
3,398,433.08| 2,167,218.82 1,231,214.26
Realized Losses/(Gains)
(110,543.28)| 309,077.85 (419,621.13)
Net P&I Trust Distribution
3,508,976.36| 1,858,140.97 1,650,835.39
|
Beginning Loan Count
1082| 638 444
Number of Loan Payoffs
7| 3 4
Ending Loan Count
1075| 635 440
|
Weighted Average Maturity
356.3684444800| 371.8169708200 308.6132866000
Weighted Average Gross Rate
7.563373830%| 7.247114740% 8.541007720%
Weighted Average Net Rate
7.188373090%| 6.872113680% 8.166007970%
Weighted Average Pass-Through Rate
7.079682910%| 6.867114010% 7.736785130%
Weighted Average Margin
2.583800000%| 2.400300000% 2.847400000%
|
Advances on Delinquencies
|
Current Period Principal
11,708.27| 8,662.62 3,045.65
Current Period Interest
142,585.87| 118,293.13 24,292.74
Exhibit 21.1 Page 14
Structured
Asset Securities Corporation Series 1995-02
Norwest Bank Minnesota, N.A.
Contact: Patrick Benz
Securities Administration Services
Reporting Month: November 1996
Phone: (410) 715-7491
11000 Broken Land Parkway
Distribution Date: December 26, 1996
InvestorDirect: (800) 605-4167
Columbia, MD 21044-7800
Credit Enhancement Summary
Initial Current Current
Current Current Current
Coverage Period Period Cumulative
Coverage Coverage Pool
Type/Purpose
Amount Losses Additions Losses
Percentage Amount Balance
____________________________________________________________
____________________________________________________________
___________________________________________
Subordination
34,353,068.47 309,077.85 (382,522.73)
1,549,417.86 15.07770782% 32,649,342.46
216,540,490.42
Scheduled Unscheduled
Principal Principal
Percentage Percentage
Pool #
____________________________________________________________
_______________________________________
1 Senior
81.85935513% 100.00000000%
1 Subordinate
18.14064487% 0.00000000%
2 Senior
95.07526186% 100.00000000%
2 Subordinate
4.92473814% 0.00000000%
